Common Insurance Terms

A smallish bet designed to deter large bluffs. The arbitrator's decision is binding and final on both parties. In a stock or nonparticipating insurance company, it is the division of the profits among the stockholders of the company. And some people are successfully making it but some portion of the apps is cut off so it is impossible for you to raise if you have a good hand. A government insurance cooperative program that makes various forms of property insurance readily available to persons who have difficulty obtaining this protection.

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Deep Stack Freezeout

The hand 9 8 has a basement pair on the board K 8 4. To fire another barrel, i. He barreled to the river and I kept calling and won with A hi. Best of it n. Hands or plays with a mathematical edge, as opposed to long shots. Concept popularized by gambling author David Sklansky. Always play tight , and you'll get the best of it. The concept recognizes that you will not win every time, but you will in the long run if you get your money out for the best of it. Putting money in the pot and increasing opponents' price for staying in a hand.

Betting against someone, especially if they are likely to have a powerful hand. Being the first in a round to put money in the pot.

Bet the pot vp. A bet equal to the size of the pot. Bet for value n. Aka raise for value. A bet designed to build the pot, one you hope will be called, especially in limit games. Different from bets meant to deceive or scare others into folding. You expect to have the best hand, so you make them pay. In limit poker , the larger bet size in the late betting rounds, as opposed to the half-sized bets earlier.

Big bet poker n. No limit or pot limit poker, as opposed to a limit game. A type of ante put up by the second person to the left of the dealer in hold'em. There are usually two blinds.

In limit poker , the big blind equals the first round bet, which players must call in order to stay in. An ace-king hand, suited or not. I don't bet black, I bet green. An unimportant card that is unlikely to help anyone's hand. Sometimes abbreviated " x. Going broke paying the blinds, usually late in a tournament when the blinds get astronomical. This is a weak way to go. Usually, once a stack drops below a certain threshold, the player will go all in with the first half-decent hand that comes along.

A type of ante paid by players to the immediate left of the dealer. Derives from having to put up a bet before seeing any cards.

The blinds start the action, providing a prize to compete for. There are usually two, the small blind and big blind. Since the dealer position rotates, so do the blinds, hence everyone pays.

Blinds are good adj. The blinds, in their proper amounts, are on the table, ready for the deal. A smallish bet designed to deter large bluffs. In no-limit, an out-of-position player may have an okay hand that may or may not be best. She wants to reach the showdown in case her hand is good, but does not want to risk much more in case she is behind. So to prevent the pot from being stolen by a big bluff, she bets enough to not look vulnerable. Seeming to have a better hand than you do.

A provision of part of the insurance contract limiting the scope of the coverage. The causes and conditions listed in the policy, which are not covered. This term may refer to the state of being subject to the possibility of loss or the extent of risk as measured by payroll, receipts, area or other standards. A government insurance cooperative program that makes various forms of property insurance readily available to persons who have difficulty obtaining this protection.

A form of insurance, which protects the covered employer against loss due to the dishonesty of his employees. A bond that reimburses an employer named in the bond for the amount lost due to any covered act of dishonesty by an employee. Blanket fidelity bonds embrace groups of employees. A person who occupies a position of special trust and confidence, especially handling or supervising the financial affairs or funds of another.

A statute requiring motorists to furnish evidence of ability to pay damages, either before or after an accident. Contract prescribed by each state subject to modification by endorsements insuring against direct loss from fire, lightning and other defined causes. An insurance contract covering a number of vehicles with a single owner. A policy under the terms of which protection follows movable property, covering it wherever it may be e. Contract of protection for damage caused by overflowing or rising water.

A period of time, usually thirty-one days following the premium due date, during which a premium may be paid.

The policy remains in force throughout this period. A specific situation that introduces or increases the probability of the occurrence of a loss arising from a peril, or that may influence the extent of a loss. Losses occurring within a fixed period, whether adjusted and paid or not.

An individual or business organization protected in case of loss of property or life under the terms of an insurance policy. A system used to provide insurance to individuals or businesses that fail to secure coverage in the voluntary market. Although only certain companies issue policies at one rate level and handle claims for those insured, all of the companies providing insurance in that state must bear the ultimate costs.

The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy. The majority of policies covering liability for bodily injury have two limits: The basis for a claim of indemnity or damages under the terms of an insurance policy.

Any diminution of quantity, quality or value of property. Injury to the rights or property of another with a wicked or perverse intent. Contrary to what the name might imply, the term "multi-peril policy" does not mean a policy insuring against two or more perils. Instead, it is a policy thatcombines fire and casualty and marine coverages in a single contract such as the homeowner's policy. A package that combines traditional property and liability insurance lines coverages. Companies with no capital stock, owned by policyholders.

The earnings of the company over and above the payments of the losses and operating expenses and reserves are the property of the policyholders. Named perils or hazards, policies name the specific perils or hazards the policy insures against. All risk policies do not name the perils specifically. Failure to do what a reasonably prudent individual would ordinarily do under the circumstances of a particular case, or doing what a prudent person would not have done.

Negligence may be caused by acts of omission, commission or both. A form of insurance by which an insurance company pays for a policyholder's financial loss resulting from an automobile accident without concern for who was at fault.

The conditions of the insurance policy require that any person sustaining a loss against the property insured by the policy shall forthwith immediately give notice to the company of such loss.

This notice must precede recovery, unless waived by the insurer. The notice is required in writing, although many companies accept a notice by telephone. A continued or repeated exposure to conditions, which results in a loss. Also, a policy clause stipulating all damages that arise out of the same general conditions are considered as arising from one occurrence.

Combination policies wherein several coverages are included in one contract. The individual or firm in whose name an insurance policy is written. A group of insurance companies that have joined together for the purpose of sharing certain risks on an agreed-upon basis.

A particular location or portion thereof as stated by the policy contract. The primary cause of an event, which in a natural and continuous sequence, unbroken by any new cause, produced that event, and without which that event would not have happened. For example, water sprayed from the hose of a fire fighter may damage a house, but the primary or proximate cause, of course, was the fire itself.

The cost of insurance per unit used as a means or base for the determination of premiums. An organization that performs insurance-related services for its members, most notably, rate making based on statistical data. In some property and casualty lines rating territory refers to a geographical grouping within which insureds tend to share an exposure to similar risks.

This practice helps establish rates for the territory. Acceptance by an insurer called a reinsurer, of all or part of the risk of loss of another insurer. Thus, the risk of loss is spread and a disproportionately large loss under a single policy does not fall on one company. Protection against the loss of rents resulting from an insured peril.

Insurance providing the amount payable to the insured as the replacement cost of the property new, rather than the depreciated value applied to the building structures or contents.

Funds which are set aside by an insurance company for the purpose of meeting obligations as they become due. A liability set up by an insurer for a particular purpose.

A technique which permits adjustments of the final premium for a risk based on the loss experience of the insured during the period of protection between maximum and minimum limits. A document or form containing special provisions that are not contained in the policy contract. Such forms are to be added or attached to the policy. An inspection or engineering service designed to help reduce a policyholder's exposure to loss. The practice of analyzing all noncompetitive non-production exposure to risk of loss loss by fortuitous or accidental means and taking steps to minimize those potential or real losses to levels acceptable to the organization.

Damaged property taken by an insurer after it has paid the claim in order to minimize its losses. An enumeration of various properties covered by a policy.

A system for computing rates. An individual or firm's systematic provision of a fund to provide for all or part of its losses. The termination of an insurance policy or bond before its expiration either by the insured or the company. The notice necessary before such cancellation becomes effective is almost always stated in the insurance contract. Those clauses that certain state codes prescribe as being inserted in contracts of insurance; Contract provisions in general used by insurers, adopted by a group of insurers, approved by a state insurance department, or required by statute, either literally, in substance, or in a form more favorable to the insured.

The right of the insurance company to recover from a third party the amount paid under the policy. An instrument providing for monetary compensation should there be a failure to perform any specific acts within a stated period. All forms of obligations to pay the debt or default of another. The function of being a surety. Business which would otherwise be subject to regulation as to rates or coverage, placed in non-admitted markets on an unregulated basis in accordance with the Surplus or Excess Line provisions of state insurance laws.

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